IPSA: 4Q20 Corporate Earnings beat estimates by far

• Another factor that would be contributing to the better momentum of local equities is the positive fourth quarter 2020 earnings season.
• We have seen the biggest positive surprises in the retail, banking and commodities sectors, which will allow us to close 2020 with better results than expected during the pandemic.
• And that's not all. These larger positive surprises feed back into subsequent quarters, potentially bringing EPS levels back to pre-pandemic levels in 2021.

IPSA: 4Q20 revenue and earnings surprises (Bloomberg consensus)

IPSA Price and EPS fwd